Beleaguered crypto lender Voyager Digital has invested in Binance.US after facing opposition from Alameda Research, the U.S. Securities and Exchange Commission (SEC), the Department of Justice (DoJ), and state-level regulators. justified a $1 billion proposal to sell
According to the filing, Voyager said the objections by these entities ignored the actual reality of these Chapter 11 cases and failed to identify transactions that would result in better outcomes for Voyager’s creditors. .
Following the disastrous failure of FTX US, Voyager’s rapid negotiation and execution of the Binance.US transaction is a reflection of the extensive negotiations they had early in their marketing strategy, according to the filing note.
Binance.US trading is reportedly the most tax efficient way for Voyager as Binance.US allows users to access 100% of the crypto on Voyager’s platform.
This is the only transaction available to Voyager that did not consider liquidating cryptocurrencies for working capital purposes. The Binance.US transaction will allow Voyager to quickly settle these Chapter 11 lawsuits and distribute value to creditors.
Each of the SEC, New Jersey, New York, and Vermont has stated that Binance.US’s transaction lacks information regarding Binance.US’s financial condition, the feasibility of the Binance.US transaction, or Binance.US’s ability to complete Binance.US. argue that it is sufficient. US trade.
Voyager said it is not seeking approval for the transaction at this time and that these objections are premature. Voyager’s review of her Binance.US financial information shows that she has enough cash on hand to make these payments to her debtors.
The states of Vermont, New Jersey, and the United States Trustees have objected to approving Binance.US transactions due to concerns about Binance.US’s security protocols, but Binance.US has decided to ensure the safe custody of customer assets. We have implemented various security protocols.
“The States of New Jersey, Texas, Vermont, the U.S. Trustee, and the SEC have each questioned Binance.US’s ability to complete transactions. It is a veiled attempt to overturn the business judgment of the debtor based on speculation rather than
A few days ago, the SEC filed a limited challenge. Binance.US Proposed Acquisition of Voyager Digital It states that it lacks the “required information” for the transaction. The SEC cited a lack of information regarding Binance.US’ ability to pay for purchases, what post-trade operations will look like, and more.
